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Canada: MPX to acquire MMJ producer Canveda

MPX has signed a letter of intent to acquire 100% of the issued and outstanding shares of Canveda, a Licensed Producer under Health Canada’s Access to Cannabis for Medical Purposes Regulations. Canveda is a private company operating in Peterborough, Ontario from a fully built-out facility that is ready to commence its first production run and is capable of producing approximately 1,000-1,200 kilograms of high quality cannabis flower annually.

MPX will acquire the Canveda Shares for a total purchase price of CDN$18 million.

“We have always considered a Canadian presence to be a critical component of our business strategy,” said W. Scott Boyes, Chairman, President and CEO of MPX. “While we have never intended to build-out the massive cultivation facilities being constructed by some of the other Canadian Licensed Producers, we will be focussing on utilizing the advanced extraction and distillation processes developed by our U.S. operations to produce and market the MPX-branded, award-winning, concentrates in Canada, commencing with high-quality cannabis oils, followed by the broader range of MPX products as they become permissible under ACMPR rules. We are also excited about the import/export opportunities available to Canadian LP’s.”

Mr. Boyes added, “We also expect that this acquisition will accelerate our ability to secure a license to produce in Owen Sound and will be immediately accelerating its development. We intend to replicate, in Peterborough and in Owen Sound, and where permitted under Canadian regulations, our U.S. business model of vertical integration which includes production, manufacturing and, eventually, the retailing of our very strong brands to Canadians. We are currently exploring partnerships with potential operators of dispensaries in Western Canada which would provide an additional distribution channel for MPX products.”

Michael Arnkvarn, Executive Vice-President and CMO for Canada, stated: “Our brands have a proven track record in the U.S. and we will further develop these for the Canadian market. We also intend to expand our existing partner relationships into the Canadian market, including the production and marketing arrangement we have with leading Israeli pharmaceutical company, Panaxia, and we have already commenced the process of establishing product placement across the country. We strongly believe that our future is in the field of cannabis derivatives, produced for both the domestic and export markets and this will be our focus.”

For more information:
MPX Bioceutical Corporation
[email protected]

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